Why Spirit Airlines' Stock Is Trading Lower Today

Spirit Airlines, Inc. SAVE shares are trading lower after Evercore ISI Group downgraded the stock from Outperform to In-Line and announced a price target of $40 per share.

The company also announced an offering of convertible senior notes that are due in 2026.

Spirit Airlines Inc serves the United States, Latin America, and the Caribbean as an airline operator. It primarily offers customers unbundled base fares to strip out any unneeded travel amenities.

Spirit Airlines' stock was trading down 3.5% at $35.83 per share on Wednesday at the time of publication. The stock has a 52-week high of $40.77 and a 52-week low of $7.25.